10 things you need to know before the opening bell

China’s CPI was a bit light. Consumer prices in China rose 2.3% year-over-year in April, missing the 2.4% gain that was expected. Food prices jumped 7.4% versus a year ago, but that was a bit slower than the March reading of up 7.6%. Notable was the 33.5% YoY spike in pork prices. Non-food prices were up just 1.1% compared to a year ago. Also out were producer prices, which fell 3.4% YoY. The Chinese yuan ended unchanged at 6.5161 per dollar.

Germany’s trade surplus is the largest on record. The trade surplus of Europe’s largest economy swelled to€20.6 billion in March, a record high, according to the Financial Times. The data showed German exports within the European Union totaled €62.6 billion while imports from the bloc reached €53.9 billion. Additionally, Germany’s current account surplus reached a record high of €30.4 billion. The euro is little changed at 1.1379.

Greece has been offered debt relief. Reuters reports, Greece has been offered debt relief if it makes good on all of the reforms it has promised its creditors. The deal would reportedly extend the maturities on Greek debt and cap interest payments. However, a haircut, which has been publicly supported by the IMF, doesn’t appear to be in the cards. More details on the deal will come from a meeting of deputy finance ministers on May 24, according to the report. Greece’s 10-year yield is down 53 basis points at 7.54%, and at its lowest level in five months.

Impeachment proceedings will continue in Brazil. The impeachment proceedings against Brazilian president Dilma Rousseff will continue despite an earlier announcement they had been shelved. Bloomberg reports, “Lawmaker Waldir Maranhao released a statement in the dead of night revoking his own call to annul impeachment sessions in the lower house.” A vote on whether or not to put Rousseff on trial is scheduled for Wednesday, and if it passes she would be temporarily removed from office until the trial concludes.

‘The Punisher’ is the Philippines’ new president. Rodrigo Duterte has won the presidential election in the Philippines. According to CNN, Duterte’s top rival, Grace Poe, concede when exit polls showed she was trailing by a measure of 38.92% to 22.14%. Duterte has been compared to Donald Trump for his outspoken demeanour. The results won’t be official until June.

Gap warned. The retailer announced same-store sales cratered 7% in April. Gap was hit especially hard by the 11% slide in Banana Republic same-store sales. The company issued downside EPS guidance of $0.31 to $0.32, far worse than the $0.44 that was expected by the Thomson Reuters consensus. Gap shares were down about 10% in after-hours trading.

SolarCity is getting destroyed. The Elon Musk-led solar company lost a whopping $2.56 per share, missing the $2.31 loss that was expected. However, revenue surged 81.6% versus last year to $122.6 million, topping the $110 million Bloomberg consensus. Q2 guidance came in at a loss of $2.70 to $2.80 per share, worse than the $2.13 loss that Wall Street was anticipating. SolarCity shares are down almost 19% ahead of the opening bell.

Stock markets everywhere are higher. Japan’s Nikkei (+2.2%) led in Asia and Spain’s IBEX (+1.9%) paces the gains in Europe. S&P 500 futures are up 11.00 points at 2065.25.

Earnings reports continue to flow. Allergan, Credit Suisse, Crocs, Nokia, and SodaStream are among the companies reporting ahead of the opening bell. Walt Disney is the lone notable reporting after markets close.

US economic data is light. JOLTs – Job Openings and wholesale inventories will be reported at 10 a.m. ET. The US 10-year yield is higher by 1 bp at 1.76%.